“Here we go again.” This was the phrase uttered last night by one of the most respected and veteran realtors in San Carlos. My listing at 812 Cordilleras had 10 offers last night after being on the market for 4 days. Earlier in the week Justine Ford’s listing on the Alameda had multiples. The week before, Maxine Dumas’ listing on Arroyo had at least 6. The week before that, Cashin’s listing on Birch had multiples as well. For those of us that monitor the San Carlos market on a daily basis, the sudden swelling of frustrated buyers trying to get into San Carlos is nothing short of alarming.
How is this possible considering what is going on with the rest of the country, even many other parts of the Bay Area? Here are the Top 5 Reasons:
(1) San Carlos has gained wild popularity for a number of reasons that are mentioned throughout this blog, including Laurel Street, small-town atmosphere, community and outstanding schools.
(2) Inventory is extremely low. Currently, there are only 35 “Active” Single Family Residences in San Carlos. San Carlos has nearlyl 5,500 Single Family Residences. This means that about one half of one percent of the homes in San Carlos are available for sale.
(3) Interest rates have not only stayed low, they have actually decreased over the past few weeks.
(4) Our local economy is strong. Insulated by Silicon Valley to the south and by the biotech firms and San Francisco to the north.
(5) Massive relocation efforts by many biotech companies are responsible for a heavy percentage of buyers’ offers in San Carlos. Many of the relocation employees have buy-down mortgage incentives which greatly increase their ability to purchase a more expensive home.
Bottomline: Get ready for another frantic market in San Carlos.